Marketing-Börse PLUS - Fachbeiträge zu Marketing und Digitalisierung
print logo

President El-Sisi issues measure to alleviate financial burdens on citizens

President El-Sisi has revised the economy to reduce financial stress on Egyptians. Wage adjustments, cost of living allowances, and tax threshold changes are included.
18.09.23 | Source: EgyptToday

President El-Sisi took significant steps to alleviate the financial pressures on Egyptian citizens by issuing new economic revisions. During a Hayah Karima event held in Beni Suef, he announced these changes. The minimum wage for all personnel within the state's administrative body and in economic positions has increased from LE 3500 to LE 4000. The president also decided to double the cost of living allowances from LE 300 to LE 600 for all state employees in administrative apparatus sectors, economic bodies, business sector companies, and the public sector. Additionally, an increase in the tax exemption threshold was announced, moving it up by 25 percent from LE 36,000 to LE 45,000. This applies to all the previously mentioned employees of the state. The beneficiaries of Takaful and Karama's are increased by 15 percent to the total of 5 million families. Furthermore, President El-Sisi has doubled the exceptional grant for pensioners and beneficiaries to become LE 600 instead of LE 300, impacting total 11 million citizens. The article also highlights how the President has given orders to the Agricultural Bank to alleviate burdens on less efficient farmers and individuals unable to repay interest on loans before 1st January 2022. The president also ordered for a swift increase in the technology allowance for journalists registered in the syndicate according to the general state budget. Lastly, the president exempted all people falling behind on loans from paying any additional fines on the late payment installments to the General Authority for Rehabilitation & Agricultural Development Projects before the end of 2024.